Annual report pursuant to Section 13 and 15(d)

REVENUES

v3.24.0.1
REVENUES
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenues
NOTE 4 - REVENUES
We generate our revenue through product sales, in which shipping terms indicate when we have fulfilled our performance obligations and transferred control of products to our customer. Our revenue transactions consist of a single performance obligation to transfer promised goods. Our contracts with customers define the mechanism for determining the sales price, which is generally fixed upon transfer of control, but the contracts generally do not impose a specific quantity on either party. Quantities to be delivered to the customer are determined at a point near the date of delivery through purchase orders or other written instructions we receive from the customer. Spot market sales are made through purchase orders or other written instructions. We consider our performance obligation to be complete and recognize revenue when control transfers in accordance with shipping terms.
Revenue is measured as the amount of consideration we expect to receive in exchange for transferring product. We reduce the amount of revenue recognized for estimated returns and other customer credits, such as discounts and volume rebates, based on the expected value to be realized. Payment terms are consistent with terms standard to the markets we serve. Sales taxes collected from customers are excluded from revenues.
The following table represents our Revenues by market:
Year Ended December 31,
(In millions) 2023 2022 2021
Steelmaking:
Automotive $ 7,440  $ 6,661  $ 4,726 
Infrastructure and manufacturing 5,612  5,869  5,380 
Distributors and converters 5,330  6,388  7,671 
Steel producers
 2,949  3,465  2,124 
Total Steelmaking 21,331  22,383  19,901 
Other Businesses:
Automotive 545  478  426 
Infrastructure and manufacturing 38  52  47 
Distributors and converters 82  76  70 
Total Other Businesses 665  606  543 
Total revenues $ 21,996  $ 22,989  $ 20,444 
The following table represents our Revenues by product line:
Year Ended December 31,
(In millions) 2023 2022 2021
Steelmaking:
Hot-rolled steel $ 4,864  $ 4,529  $ 5,615 
Cold-rolled steel 2,658  3,193  3,186 
Coated steel 6,661  6,905  5,864 
Stainless and electrical steel 2,281  2,284  1,622 
Plate 1,444  1,651  1,316 
Slab and other steel products 1,329  1,492  1,247 
Other 2,094  2,329  1,051 
Total Steelmaking 21,331  22,383  19,901 
Other Businesses:
Other 665  606  543 
Total revenues $ 21,996  $ 22,989  $ 20,444